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In September 2014, Honourable Prime Minister Narendra Modi launched the 'Make in India' initiative – the 21st century version of the Swadeshi movement – with the revolutionary vision of encouraging multinational as well as domestic companies to manufacture their products within the country. In September 2018, whether it's the owner of a small tea shop in Delhi or a successful businessman in Hyderabad, no citizen in India can deny that this initiative has stayed true to its vision by helping the country move towards its long-term development plan. Creating an increasing number of jobs, enhancing skill-sets, increasing ease of doing business and attracting more FDI, it has helped India emerge as a globally competitive manufacturing and design hub.
However, the 'Make in India' success story has been driven by an increasing penetration of digital technologies across Indian industries. In the manufacturing and servicing industry, these technologies enhance efficiency, total factor productivity, transparency and accountability. For instance, digital payment services enable hassle-free and transparent access to credit, e-Commerce facilitates, efficient supply chain management for the logistics sector, digital identification services prevent fraud cases, and digital learning platforms boost literacy.
Leveraging AI for Driving India's Economic Growth
Artificial intelligence(AI),machine learning and robotics have emerged as the new-age technologies driving the next phase of innovation, and consequently, India’s economic boom. AI and robotics, in combination with Internet of things(IoT), virtual& augmented reality, drones, and cloud platforms, are making inroads into all aspects of our lives through a range of products and services. AI is currently being applied in modern-day India across all major sectors of the economy – manufacturing and supply chain, agriculture, education, healthcare, financial services, consumer & retail, national security, defence, and many others. Additionally, the government has consolidated efforts for popularising AI research and development across diverse fields.
However,to help in facilitating the government’s vision of enabling the adoption of tech-enabled production processes for capitalizing upon untapped value-producing opportunities, organizations need to adapt their internal processes to meet the requirements of digitalization.
Benefits of Adopting Digital Technologies
Digital technologies are helping organizations across business verticals in finding, analysing, creating, communicating and using information effectively. Adopting the full range of smart technologies like AI, machine learning, and natural language processing in the manufacturing and services sector can save operational costs and time through the automation of routine tasks and processes.